MobiKwik to launch cards by January

Taku said the company is in talks to partner with a bank and a card company to bring out the MobiKwik cards, but did not reveal the names.Mugdha Variyar | ET Bureau | November 25, 2016, 10:42 IST

Digital wallet company MobiKwik on Thursday announced it would soon be launching virtual as well as physical cards for payments at online and offline points where debit and credit cards are accepted. The MobiKwik cards will be available from January 2017.

“This card will allow MobiKwik users to pay even if the merchant does not use Mobikwik. The card will be mapped to the wallet balance,” cofounder Upasana Taku told ET. “This will give MobiKwik more ubiquity even as we work to get more merchants to use the wallet directly.”

Taku said the company is in talks to partner with a bank and a card company to bring out the MobiKwik cards, but did not reveal the names.

The company said Net1 UEPS Technologies Inc, the South Africa headquartered global payments solutions and transaction processing company which is a strategic investor in MobiKwik will be helping the company with their proprietary card technology for the initiative.

MobiKwik’s announcement comes a day after Paytm launched its app-based POS feature on Wednesday.